Toronto-based Wealthsimple Inc. is launching a new feature that allows clients to invest their spare change, the robo-advisor announced Tuesday.
The Roundup feature rounds everyday purchases made on credit and debit cards to the nearest dollar, then invests or saves the difference. For example, if you buy a cappuccino for $3.30, “Wealthsimple automatically invests $0.70 into a diversified, low-fee investment account, or a high-interest savings account,” the company says in a news release.
“Good habits — starting early, contributing regularly — are what make investors successful over the long term. We see Roundup as a way to encourage people to get into the habit of putting money aside for the future,” says Mike Katchen, CEO and co-founder, Wealthsimple, in a statement. “We hope this feature will inspire Canadians who’ve been considering investing to get started, and be a fun, easy way for those who are already investing to put away a little bit more.”
Roundup is available through Wealthsimple’s mobile app for iOS and Android, and works with most Canadian credit and debit cards.